MOSCOW: Russia’s ruble slipped against the dollar but rose against the euro, as traders repositioned after moves on global markets during a four-day holiday weekend when Russian markets were closed.
Ruble was about 0.2 percent weaker against the dollar at 51.80 but gained 0.8 percent to trade at 57.48 versus the euro.
The ruble had opened as much as 1 percent weaker against the dollar.
The discrepancy in the ruble’s position against the two currencies was due to the dollar strengthening against the euro-zone currency since Russian markets closed on Thursday.
“We expect that volatility could grow on the market due to the reduced presence of corporate players who give the market its depth and liquidity,” Dmitry Polevoy, chief Russia economist at ING Bank, said in a note.
Russian exporters typically support the ruble towards the end of each month by converting foreign currency into rubles to meet tax payments. The tax period ended last week.
Brent crude oil, a driver for Russian assets, was trading at around $66.5 a barrel, little changed on the day or since the end of trading on Thursday.
The dollar-denominated RTS index was up 1 percent to 1,039 points, while its ruble-based peer MICEX traded 1.2 percent higher at 1,708 points.
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